Did you receive a letter or notice from the IRS? Don’t panic. Each year the IRS sends millions of them to taxpayers across the country and most of them are easy to resolve. If you need help, a Las Vegas accounting firm is a good place to start.
Reasons You May Be Contacted
Every taxpayer has certain fundamental rights when dealing with the Internal Revenue Service. The Taxpayer Bill of Rights requires that letters from the IRS include:
- Details about what you owe, such as taxes, interest and penalties.
- An explanation of why you owe the taxes.
- Specific reasons the IRS denied your refund claim.
What You Should Do
There are some simple steps you can take if you receive a letter or notice from the IRS.
- Carefully read the letter. It typically addresses one specific issue and gives you instructions on your next step.
- Compare the letter’s claims with your tax return. If the IRS is telling you of a changed or corrected tax return, you should review the new information with the return you submitted.
- Respond. If you do not agree with the letter’s contents, write a letter to the IRS explaining why. Look for the return address listed at the bottom of the letter. Be sure to include any additional information and/or documents you’d like the IRS to consider. Responses from the IRS can take 30 days or more.
If you agree with the information in the letter, there’s no need to respond or acknowledge it. But if the letter includes a specific response date, submit a timely reply as it will minimize any additional interest and penalty charges and preserve your right to appeal.
- Pay. If you owe the IRS additional money and can’t afford the whole amount, pay as much as you can. You can apply for an online payment agreement or offer in compromise on the IRS website.
- Contact. It’s actually rare that you’ll need to call the IRS about a notice, but if you do, look for the proper phone number in the upper right-hand corner of your letter. Make sure you have a copy of the letter and the tax return it references on hand when you call.
- Preserve. No matter how trivial it seems, don’t toss the letter. Always keep letters and notices you receive from the IRS in a folder with the copy of your tax return.
How a Las Vegas Accounting Firm Can Help
Ignoring a letter from the IRS can worsen a situation, so make sure you reply within the set deadline. A quick response shows the IRS you take the letter seriously and gets the processes moving toward a quick resolution.
If you don’t feel comfortable dealing with the IRS on your own, a qualified Las Vegas accounting firm can speak on your behalf. If you need help responding to an IRS letter or notice, contact us today at 702-870-7999 to ensure your tax matter is handled in the most professional and successful way.